NEW
YORK, June 6, 2024 /PRNewswire/ -- The global
talent management software market size is estimated to grow by
USD 10.69 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a
CAGR of about 11.8% during the forecast period. The
Talent Management Software Market is experiencing significant
growth due to the increasing use of mobile devices in various
sectors, including HR. Mobile apps offer advantages such as
real-time data access, ease of use, and on-the-go communication. In
HR, mobile-based solutions simplify processes like video
interviews, applicant tracking, and appraisal reviews. HR managers
can easily push job-related information and collect responses using
mobile talent management software. Vendors like PeopleFluent Inc.
provide mobile apps for managing talent in real time, enhancing
employer branding, and boosting organizational
productivity.
![Technavio has announced its latest market research report titled Global talent management software market 2024-2028 Technavio has announced its latest market research report titled Global talent management software market 2024-2028](https://mma.prnewswire.com/media/2430983/IRTNTR40592_bw2.jpg)
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the snapshot
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Deployment (Cloud-based
and On-premise), Business Segment (Large enterprise and Small and
medium), and Geography (North America, Europe, APAC, South America,
and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Accenture Plc,
Automatic Data Processing Inc., Avalture Ltd., Bambee Inc., Bamboo
HR LLC, Bullhorn Inc., Cegid SA, Ceipal Corp., Cornerstone OnDemand
Inc., HireRoad, iCIMS Inc., International Business Machines Corp.,
Koch Industries Inc., Learning Technologies Group Plc, Oracle
Corp., SAP SE, Skillsoft Corp., Talent Guard Inc., UKG Inc., and
Workday Inc.
|
Key Market Trends Fueling Growth
The Talent Management Software market is experiencing
significant growth with various companies implementing technology
to manage and develop their workforce. IT and telecommunication
industries are major adopters of these solutions, focusing on
securing talent and maintaining a skilled workforce. Secure and
cloud-based systems are popular choices, offering flexibility and
accessibility. The use of artificial intelligence and machine
learning technologies is a trend, enabling automated recruitment
and talent assessment.
Performance management, skills development, and succession
planning are key functionalities. Consolidated and user-friendly
platforms are preferred, allowing for easy integration with other
HR systems. The market is competitive, with providers offering
advanced features to attract clients. The web-based software allows
for remote access, making it an essential tool for organizations
during the current situation.
Market Challenges
- The Talent Management Software Market is experiencing
significant growth, with many organizations adopting cloud-based
solutions due to their affordability, scalability, and ease of use.
However, concerns regarding data security and privacy persist. In
cloud architecture, data is hosted by third-party providers,
increasing the risk of unauthorized access and potential data
breaches.
- Additionally, outsourcing IT functions to reduce costs can
result in a loss of control over data handling, further increasing
security risks. These concerns may hinder the market's expansion
during the forecast period.
- The Talent Management Software market faces several challenges
in implementing and optimizing solutions. These include integrating
various systems for a unified approach, ensuring data security and
privacy, and adapting to the constantly evolving technology
landscape. Additionally, there is a need for customization to cater
to specific industry requirements and employee needs.
- Another challenge is the implementation of AI and machine
learning capabilities to enhance recruitment and performance
management processes. Lastly, ensuring user-friendliness and ease
of use for all levels of employees is crucial for successful
adoption.
Research report provides comprehensive data on
impact of trend, driver and challenges - Download a
Sample Report
Segment Overview
- Deployment
- 1.1 Cloud-based
- 1.2 On-premise
- Business Segment
- 2.1 Large enterprise
- 2.2 Small and medium
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Cloud-based- The global talent management
software market is experiencing a technological shift towards
cloud-based solutions. This segment holds the largest market share
and is expected to continue dominating due to business digitization
and expanding IT and retail companies. SMEs, particularly
price-sensitive, favor cloud-based software. Security innovations
will boost large organization adoption.
Oracle reports a 6% annual increase in cloud-based usage.
Benefits include real-time analytics, regular updates, global
access, and scalability. Skanska AB is among those modernizing HR
with Oracle's HCM Cloud. The cloud-based segment's growth is driven
by SMEs and enterprises seeking cost-effective, flexible
systems.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Talent Management Software Market encompasses a range of
AI-driven solutions and services designed to help large enterprises
identify, retain, and develop their workforce. These cloud-based,
SaaS HR products offer performance management capabilities,
including planning, automation, and performance improvement
planning. Machine learning algorithms are utilized for tasks such
as resume screening and succession planning.
Data analytics is integral to these tools, providing insights
for compensation management, learning and development, and
recruitment management. Solutions also include support and
maintenance, ensuring the continued functionality and security of
the software. Data security is a top priority, with these web-based
applications employing robust encryption and access control
measures. Software solutions in this market aim to streamline
talent management processes, ultimately leading to a more effective
and productive workforce.
Market Research Overview
The Talent Management Software market refers to the industry
that provides software solutions for managing and developing an
organization's human capital. These solutions enable companies to
streamline recruitment, onboarding, performance evaluation,
learning and development, succession planning, and compensation
processes. The use of technology in talent management helps
organizations to optimize their workforce, improve employee
engagement, and enhance productivity.
The market for such software is growing rapidly due to the
increasing demand for efficient and data-driven HR processes.
Features such as cloud-based deployment, mobile access, and
integration with other business systems are driving the adoption of
talent management software. The market caters to various
industries, including healthcare, finance, retail, and education,
among others.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- Business Segment
-
- Large Enterprise
- Small And Medium
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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